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January is known to be a month full of holiday-spending-regret, most people know how it feels. After weeks of careful planning and budgeting, there were just a lot of flash sales and “BOGOs” (Buy One Take One) deals you couldn’t resist. You are not alone – many fell for it and ended up even more in debt because of overspending during the holidays.
During December, gift shopping and grocery spending spike up in preparation for Christmas and New Year, while some prefer vacations and leisure for entertainment. Saving money during this season has been difficult and in fact, people find themselves more into debt instead.
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With the COVID-19 pandemic, Canadian households already have suffered a severe financial blow due to job loss and reduced work hours. During Christmas season, many reached their credit card limit, broke their piggy banks, and withdrew most of their savings. This resulted to credit card bills swelling by January and bank accounts being zeroed out.
If you have overspent during the holiday season, read on to know how you can repair your credit and repay your debt.
Take a look at all the bills and add all figures to know where you are in terms of how much you have spent and how much has been added towards your debt. Sum all the dining, food purchases, gifts, and shopping you made.
Once you get the figure of how much you owe, you’ll be able to plan how to pay it and act accordingly.
You need to stop using your credit cards now to stop from incurring more balance. Credit cards make it tough to avoid from using if you always have them with you especially when going out. Lock them somewhere safe or leave them with someone you trust to keep. It’s a way of avoiding temptation , you will be amazed how much you save by doing this.
Fixing your holiday debt will not work well if you keep using your credit card. You may also opt for a single credit card only and cancel the rest. Just make sure to use it only for emergencies.
Keeping away from any unnecessary spending for at least 2 months will make a huge impact. This could also be a very good starting point on repaying your holiday debt. Make sure to only focus on the essentials in these 60 days.
Focus on spending time with your family during this period, or do a Netflix marathon. You will not notice that days have passed without you spending a single dollar on your credit card.
Small accomplishments at an early stage of your debt-free journey are a great way to start. Paying one of your credit cards that has the smallest balance first is the easiest way to avoid accumulating high interests on your debts, and it gives you the feeling of small success which makes you more motivated to continue.
Make sure the payments you are making are significantly higher than usual to speed up the paying off of your credit cards. Have it in auto-debit and it will take care of the amount without you forgetting to pay your monthly payments. Doing this will give you momentum in paying off your debt at a good phase.
Do not fall into the temptation of passing through a shopping boutique. This is a good method to avoid possible spending on unnecessary stuff. You had your fun during the holiday season, now is the time to pay up and not to spend more.
If most of your shopping was done online, then is a must to avoid visiting sites you usually purchase items from. Keep away from eBay, Amazon, and other shopping sites.
These methods will help you but only temporarily and to a certain extent though. If your debt is over $10,000 and is too big for you to handle, don’t panic we can help. We offer a permanent solution for unsecured debt above $10,000.
As Canada’s trusted debt relief provider, we provide clients with personalized debt relief and savings plans to help reduce and eliminate debt by up to 50%-75%. We have helped thousands of Canadians get out of the debt trap, and we are now open for more clients to serve.
We provide a free consultation to anyone who can’t pay their debts and are struggling to make ends meet. Our super friendly debt consultants will guide you and help you sort out the best option available for you through Zoom or Phone Calls, so you don’t need to leave your home.
We can help consolidate the following unsecured debts:
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To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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